Prudential Annuities, the Newark, N.J., domestic annuity business of Prudential Financial Inc., said Monday that it had begun offering an optional variable annuity rider that promises lifetime income for a surviving spouse, with no income reduction after the death of the spouse.
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The option is intended to enhance Prudential's Lifetime Five option, a rider introduced last year that guarantees a minimum level of annuity withdrawals for life.
The new rider is designed to protect married couples against market downturns and to counter the risk of outliving retirement income, Prudential said.
